Monday, 21 July 2014

According
to a new market report published by Transparency Market Research
"Blood Processing Devices and Consumables Market - Global
Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 -
2019," the global blood processing devices and consumables
market was valued at USD 27.27 billion in 2012 and is estimated to
reach a market worth USD 49.16 billion in 2019 at a CAGR of 8.9% from
2013 to 2019.

The
growth of the blood processing devices and consumables market is
driven by factors such as increase in aging population, increasing
cancer therapies, emergence of infectious diseases (HIV and
Hepatitis) and significant rise in surgical procedures. In addition,
strict government regulations across the world are also positively
impacting market growth. Moreover, manufacturers are developing
improved and automated products for collection, processing and
storage of blood and blood components. According to WHO, it is
estimated that global population over age 60 years would double from
11% (2000) to 22% (2050). People aged 60 and above are more prone to
cancer risk and other surgical procedures. Hence, graying population
and increasing demand of cell therapy will act as driving factors for
the growth of this market.

Blood
processing devices and consumables market is a rapidly developing
field, and have been witnessing numerous technological advancements
Growth of the market is influenced under the rising demand for
pathogen-free blood. Blood being a vital component of the body, is
routinely used in wide range of hospital procedures for
transplantations, cancer therapies and other forms of surgeries.
Therefore, safe blood supply is integral in surgical and other blood
transfusion procedures. Manufacturers are developing automated
products to reduce blood associated risks.

Automaton of devices reduces human intervention, requires less number
of professionals and also reduces the risk of pathogen development.
Therefore, automated devices and consumables have been gaining lot of
popularity in recent times. Automated cell processors and automated
blood collection devices have become one of the standard procedures
for blood procurement, thereby further giving a boost to this market.
Other major technological advancements include blood bags with
in-built filters, blood collection monitors, and tube sealers which
are further supplementing the market growth.

Blood
bags used in each step of blood collection, processing, storage and
delivery account for the largest share in blood processing
consumables segment. Coagulation reagents, which are used for
detecting bleeding disorders and coagulation rate is the fastest
growing segment of blood processing consumables market and is poised
to grow at a CAGR of 13.3%.

North
America accounts for the largest share of the blood processing
devices and consumables market owing to the developed economies in
this region. In North America, more than 27 million units of blood
and blood components are transfused each year. Therefore, to meet
this huge blood requirement, the market is characterized by
government support, increased public awareness and presence of
technologically advanced equipments. Despite the developed countries
holding a major share, Asia-Pacific region is poised to show a
significant growth in the coming years. Expanding population bases in
countries such as India and China, coupled with increasing epidemic
of diseases such as dengue and chikunguniya will boost the market
demand and successive growth. Additionally, the government in these
nations is focused towards improving healthcare infrastructure, thus,
in turn, further propelling the growth of this market.

Blood
processing devices and consumable market is witnessing intense
competition among the players which are willing to offer complete
reliable and cost-effective products. Some of the significant key
players in this market include Terumo BCT, Fresenius Kabi,
Haemonetics Corporation, Immucor, Inc., Abbott Diagnostics and
others. Manufacturers are entering into strategic alliances with
other players for the development and commercialization of new and
innovative products, for maintaining the competitive edge.